Patriot One Technologies (TSXV:PAT) is a tech stock dominating the TSXV today. Many stocks are dropping rapidly on the Canadian exchange. It remains unknown at this time why there’s so much sell-off today, but it seems markets are red across the board on the major US exchanges as well.
Today, we’ll take a closer look at Patriot One Technologies and its latest company movements.
Tech Stocks to Watch in 2019: Patriot One Technologies
Patriot One is a technology company, that is headquartered in Vancouver, British Columbia. The tech company engages in the commercialization of a system to detect concealed weapons using radar technology.
This morning, the tech stock announced big news that is the cause for its rise on the Canadian market. Developers of the Patriot One’s PATSCAN convert weapon detection system have just received prequalification for up to $1 million in grants from the Canadian Government’s Build in Canada Innovation Program (BCIP). This money will go towards testing with the Canadian Department of Defense.
Patriot One submitted its proposal to the program back in early 2018. Due to it being approved for testing with Canada’s Department of Defense, it has made our list of top tech stocks to watch going into 2019.
Patriot One’s PATSCAN is used to combat active shooter threats before they occur. The PATSCAN was built for cost-effective deployment in weapon-restricted buildings and facilities. The technology is built to be placed at key access points to detect weapons and alert security for the intervention of active threats before they even begin.
Canada’s Department of Defense will begin testing this product soon, but if successful, it could rapidly expand down south into the US.
Tech Stocks to Watch: PAT Stock Movement
According to Yahoo Finance, the tech stock is currently trading at $1.82 a share, up $0.12 (+7.06%).
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